Monday, May 11, 2009

America is facing a huge dropdown in terms of its economy since few months and it is decreasing day by day. American president Obama is trying his best to bring the bread & butter of Americans back.

One such measure is acquiring the mantra "Say NO to Bangalore and YES to Buffalo". It is a warning that American president has given to those US companies which provides jobs overseas in places like Bangalore. These companies will not get the tax incentives they were getting from years.

This initiative, by Obama, is one of his major election promises, which he is fulfilling now. Obama said "We will use the savings to give tax cuts to companies that are investing in research and development here at home so that we can jump start job creation, foster innovation and enhance America's competitiveness".

These tax laws are expected to hit, majorly, India, China Philippines (primarily Bangalore, India) where most of the US work is being outsourced.

Already Indian companies are facing a major hit due to recession and in this situation, Obama's decision will cause major problem in India.

This decision of American president has kept many IT giants in an unpredictable condition. Thousands of engineers working in Bangalore are kept under the burning roof of these new tax laws in America.

Hope Indian government takes necessary & useful steps in order to fight with the prevailing situation.